House prices in the most prestigious areas of London fell by more than 20% since the peak in 2015, MarketWatch reports.
The company notes that for year 2016 only, the prices in US dollars fell by 17% amid a decline of the pound against the dollar by more than 10%.
Henry Pryor, a London agent working on the real estate market of the British capital for more than 30 years, notes that the decline in prices is likely to continue due to falling demand for houses worth more than $25 million, caused by political unrest and increases in the tax on housing purchases.
We should remind you that luxury property in London has been one of the most profitable investments for super-rich citizens in the last decade.
